High Plains Gas, Inc. (“High Plains”) (symbol HPGS) announced that the
company has signed a contract to sell natural gas from their coalbed
methane wells to United Energy Trading of Lakewood, Colorado. Terms of
the agreement have not been released, but the company expects to begin
producing gas immediately.
High Plains filed an 8-K on March 3, 2014 disclosing the acquisition of
approximately 1400 coalbed methane wells from Luca Technologies, Inc.
Per the agreement, High Plains Inc. acquired all member interest in
Patriot Energy Resources LLC and Patriot Energy Gathering LLC. The
acquisition has cleared Bankruptcy court and High Plains has now taken
possession of the wells. Including the Patriot wells, High Plains Gas,
Inc., now owns approximately 3,000 coalbed methane wells and expects to
begin production in immediately. High Plains’ CEO Ed Presley adds, “We
will start producing wells on a small scale, but our intention is to
produce all 3,000 wells within 18 months.”
On March 28th, 2014, High Plains filed its 10Q for the third
quarter of 2012 in late March. The company is currently working on its
Form 10-K for 2012 and expects to file the report as soon as possible.
In addition, the company reports that it has the goal of being current
with all of its filings this summer.
Copyright Business Wire 2014